The Balance of Payments in Q1 2017

In Q1 2017, the current account surplus increased significantly due to rising exports alongside a slower growth in imports. Growth of the positive current account balance was the main factor behind the ruble's strengthening. At the same time, net capital outflow from the private sector also increased, boosted by purchases of foreign assets by banks. If oil prices and the ruble's nominal exchange rate against major world currencies stay at their current levels, it may be expected that, in 2017, the ruble's strengthening in real terms and further growth of the current account surplus will take place